Key Points:• As a NAR-chartered organization, REcolorado keeps track of National Association of REALTORS® policy changes so you don’t have to!
• The REcolorado Matrix MLS is built to help you remain in compliance.
• REcolorado is already in compliance with most policy changes announced last Fall, and is making adjustments to keyword logic to address other changes. These will have minimal impact, and most brokers won’t notice any change.
How can I keep up with policy changes from National Association of REALTORS® to keep following the rules? Say “YES” to the MLS!
REcolorado keeps our finger on the pulse of key industry changes! By staying on the front lines of real estate, we remain connected to keep you in the loop and make system enhancements to help you best serve your clients.
Last fall, the National Association or REALTORS® announced several policy changes. As a NAR-chartered organization, REcolorado must remain in compliance with NAR policies. Because we actively participate in industry conversations, none of these changes came as a surprise – in fact, REcolorado Matrix MLS was already set up in compliance with the changes!
REcolorado’s MLS system, Matrix, is designed and customized to support the NAR requirements. When you say “Yes” to the MLS, you don’t have to keep track of these rule changes yourself – we do it for you!
Even though you won’t see major changes in your day-to-day operations, we wanted to keep you in the know about what’s happening at NAR, and the motive behind the changes you will see.
Pro Tip: For a complete list of the changes, view the National Association of REALTORS® Summary of 2022 MLS Changes.
Filtering Listings by Brokerage, Office, or Compensation
To help brokers provide their clients with an accurate and complete view of listings available, changes were made to Section 18.2.4, which begins:
Participants may select listings they choose to display through IDX based only on objective criteria.
Brokers cannot exclude listings based on cooperative compensation being offered or the level of service being provided by the listing firm. In simple terms, you cannot exclude listings from individual offices.
To ensure this rule isn’t violated, we adjusted keyword logic within REcolorado Matrix as it applies to searching for listings in certain offices.
Most likely, you won’t even notice this change when you’re searching in REcolorado Matrix. However, if you used logic to exclude brokerages or offices from a saved search or auto email, you’ll need to update and rerun the search.
This policy change ensures you’ll see all listings available, and you can provide your clients with a complete picture of the market. Not only does that keep you in compliance with NAR policies and Fair Housing, it also helps you better serve your clients!
IDX Sites That Display Compensation Information Must Also Display a Disclosure Statement
A new rule (Section 5.4) states the following:
Participants and subscribers who share the listing broker’s offer of compensation for an active listing must display the following disclaimer or something similar. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.
In simple terms, if a broker’s website displays commission information, it must also show the commission disclosure. Displaying compensation fields is optional; however, if you choose to display compensation information on your website, you must also display the disclosure.
To ensure REcolorado customers are following this rule, we reached out to every vendor and customer who receives a data feed to power IDX websites. We explained this rule and the language that should be used for the disclosure.
What do I need to do?
- If you do not have an IDX site or do not display compensation information on your IDX site, you do not need to do anything!
- If your IDX website is powered by an approved IDX vendor, they received this update and were instructed to make the change if necessary.
- If you receive a direct data feed from REcolorado to power your IDX site, you received additional detail via email.
Questions? We’re Here to Help!
If you have questions about changes to REcolorado Matrix LS, NAR Policies, or how they impact you, you can call REcolorado Customer Care at 303.850.9576, option 1, or email support@REcolorado.com